MyInsuranceClub
menu

LIC Endowment Assurance Policy

Sample Premiums for this plan
The below illustration is for a healthy Male (non-tobacco user) opting for
1 Lakhs Cover
3882
unlimited-automatic-recharge-overview icon
Simple endowment plan
inflation-shield-overview icon
Optional higher cover
earn-and-burn-overview icon
Lumpsum amount

LIC Endowment Assurance Policy is an endowment policy with high bonus and liquidity facility incorporated. The Sum Assured along with accrued Bonus is payable on the Policy Maturity or on earlier death. This plan provides for disability benefit incorporated within where the future premiums would be waived off along with accidental death benefit rider, critical illness rider and term rider.

Compare this plan with other Investment Plans

LIC Endowment Assurance Policy - Key Features

Simple endowment plan
unlimited-automatic-recharge icon

This plan is a simple endowment plan with guaranteed returns

Sum assured
earn-and-burn icon

Sum assured + accrued Bonus paid on Maturity or on earlier Death.

Lumpsum amount
second-opinion icon

The lumpsum amount of money received on maturity can be reinvested to buy annuity for old age sustenance

Disability benefit
personal-accident-cover icon

This plan offers disability benefit as well where the future premiums would be waived along with payment of Disability Benefit.

Optional higher cover
inflation-shield icon

Optional higher cover through 3 additional riders

Riders
tax-benefit icon

There are 3 Additional Riders available:

  • Accidental Death Benefit Rider
  • Critical Illness Rider
  • Term...

LIC Endowment Assurance Policy - Benefits

Death Benefit

In case of death of the Life Insured, the nominee receives Sum Assured + accrued Bonus. Final Addition Bonus is also payable if premium has been pa...

Maturity Benefit

At the maturity of the policy, the insured will get Sum Assured + accrued Bonus. Final Addition Bonus is also payable if premium has been paid for ...

Income Tax Benefit

Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10...

Eligibility conditions and other restrictions in LIC Endowment Assurance Policy

  Minimum Maximum
Sum Assured (in Rs.) 50,000 No Limit
Policy Term (in years) 5 55
Premium Payment Term (in years) 5 55
Entry Age of Policyholder 12 65
Age at Maturity - 75
Single Premium (in Rs.) NA NA
Payment modes Yearly, Half-yearly, Quarterly, Monthly and SSS

LIC Endowment Assurance Policy - FAQs

angle right iconWhat happens if You stop paying the premium?

If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.

angle right iconWhat happens if You want to surrender the policy?

 There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

angle right iconWhat happens if You want a loan against your policy?

Loan facility is available under this policy